Hong Kong Telecom's Party Line

HKT is Buying Back a Chunk of Hong Kong's Mobile Market It Sold to Telstra. It's a Good Call

By

Aaron Back and Rebecca Thurlow

Updated Dec. 22, 2013 10:14 a.m. ET

Hong Kong's mobile market is getting less competitive as a top foreign player pulls out. That is welcome news for the remaining incumbents.

HKT, which is controlled by Richard Li, is buying back Hong Kong mobile business CSL from Australian telecom giant Telstra and a partner for $2.43 billion, just $270 million more than HKT sold it for a decade ago. Telstra said Friday it will book a profit of around A$600 million (US$535 million)...